Definition · Plain-language
Single Audit
A Single Audit is the organisation-wide financial and compliance audit a non-federal entity must obtain when its federal spending crosses the threshold set in Uniform Guidance.
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What triggers a Single Audit
The Single Audit requirement is triggered by the amount of federal money an organisation spends, not by the size of any single award. Under the 2024 revisions to Uniform Guidance, a non-federal entity that expends $1,000,000 or more in federal awards during its fiscal year must arrange a Single Audit. Expenditure — not receipt — is the test, so funds drawn down and spent across multiple grants are aggregated. Entities below the threshold are exempt from Single Audit requirements but must still keep records available for federal review.
What the audit covers
A Single Audit has two components: an audit of the entity’s financial statements and a compliance audit of its federal awards. The compliance portion focuses on “major programmes”, selected using a risk-based approach defined in Subpart F. The auditor tests internal controls and compliance with the terms of each major programme, then issues opinions, a schedule of expenditures of federal awards (SEFA), and a schedule of findings and questioned costs.
Standards and reporting
The audit is performed under Generally Accepted Government Auditing Standards (GAGAS), issued by the U.S. Government Accountability Office and known as the “Yellow Book”. The auditee submits the reporting package and a data collection form to the Federal Audit Clearinghouse within the deadline set in Subpart F. Findings can lead to questioned costs, corrective action plans, and heightened monitoring by awarding agencies.
Key facts
At a glance
- Definition: organisation-wide audit of a non-federal entity’s federal awards
- Authority: Uniform Guidance, 2 CFR 200, Subpart F
- Threshold: $1,000,000 in federal expenditures (2024 OMB revision, FY2025)
- Standard: GAGAS — the “Yellow Book” (U.S. GAO)
- Selection: risk-based “major programme” determination
- Submission: reporting package to the Federal Audit Clearinghouse
Common misconceptions
What people often get wrong
Often heard: A Single Audit only looks at one federal grant.
Actually: It is organisation-wide. “Single” means one coordinated audit covering all federal awards an entity spends, replacing separate audits of each programme.
Often heard: The threshold is based on how much federal money you received.
Actually: The trigger is federal funds expended in the fiscal year, aggregated across awards — not the amount awarded or received.
Often heard: The Single Audit threshold is still $750,000.
Actually: The 2024 OMB revisions raised it to $1,000,000, effective for fiscal years beginning on or after 1 October 2024.
Going deeper
